Swisher has filed an 8K re the delisting:
freeedgar.com
The highlights:
<<The Company has filed a request with the NASD Review Counsel to review the Hearing Panel's decision to delist its securities. If the Review Counsel does not reverse the Hearing Panel's decision to delist the Company, then in order to be relisted on the Nasdaq National Market, it will be necessary for the Company to re-apply for initial listing once it determines that it can meet the initial listing requirements. The initial listing criteria for the Nasdaq National Market, insofar as they would be applicable to the Company, require, generally, net tangible assets of $6,000,000, pretax income (in the latest fiscal year or 2 of the last 3 fiscal years) of $1,000,000, a public float of 1,100,000 shares, a market value of the public float of not less than $8,000,000, and a minimum bid price of $5.00. . .
The Company is not certain when it will be able to meet the initial listing requirements for the Nasdaq National Market.>>
I'll say. Never mind the requirement that the share price be over $5. Pretax income of $1,000,000 would also appear to be a problem. Also, while Swisher technically meets the requirement for net tangible assets of $6,000,000, one wonders whether that would hold upon close examination of the receivables (About 90% of which are owed by franchisees). Meanwhile, 14,100 shares traded over the counter today, making this the first day I could have bought back my shares without almost doubling the volume. Maybe I'll be able to close this thing out yet ;-).
FWIW,
Mark |
